hello. you're watching "worldwide exchange." i'm ross westgate. barclay's is concerned it's in with regulators in an fx trading probe. managing to beat forecasts, despite a slump in investment banking profit. record sales of porsche and

audi drive volkswagen's trading higher in the third quarter. the auto giant is at the top of the dax. spain is finally out of recession after two years, a mere 0.1% uptick in third quarter gdp marks the first time the economy has grown for a while. all right. the fed wraps up its two-day meeting this afternoon. central banks announced last month that it wouldn't start tapering purchases just yet. the move comes amid concerns about the budget fight in

washington. senator paul wants to hold up janet yellen's nomination. he also wants a bill on transparency. very good morning to you. we're seeing ten-year treasury fall down to around this 2.5% level where we stand at the moment. expectations now for tapering starting in march next year. will yields stay where they were? is there any chance of them going low? >> i think if it becomes apparent tapering won't commence until march, treasury yields could fall a bit further, maybe as low as 2.25%. but with that threat of tapering in the background, it's unlikely

they'll fall back to the previous lows we saw in the in the middle of the la year. >> what is the chance that there may be some minutes out saying, look, there is still an argument for a december move? is there any price of that in the market? if there was, what kind of reaction would that have? >> it's not really priced in the market. i think there is some talk of that and it's not as much of a done deep that the tapering will be put off until march. the federal reserve was finally balanced in september whether it's tapering or not. we haven't been slightly on the inside. yesterday, unemployment recently, as well.

they could surprise us until or in december, but not likely. >> we're a little shorter this week because of the time change here in europe and the u.s. doesn't change their clocks until next week. meanwhile, the spanish economy is finally out of recession after nine straight quarters of contraction. gdp up 0.1% quarter on quarter in the third quarter. stephane has the reaction in madrid. the bank of spain told us this was going to happen. so much relation there? >> no, but it is good news it was driven by growth. between yarn and august, exports grew by 6.6% in spain. the consumer spending has been declining for three years in a

row. with the unemployment rate at 26%, the consumer spending is unlikely to improve significantly in the full term. and that remains the weakest part of the forecast for the spanish economy. regarding the unemployment rate, the imf believes it will remain below 0.25% for the next four years. will the spanish economic recovery be strong enough to create jobs? probably not enough. also, ross, the nature of your recovery is not creating as many jobs as used to be and that's also another negative point for the spanish outlook. but for the time being, it's out of recession. and the ibex is doing quite well today. >> you have to start somewhere. stephane, thanks for that.

>> kevin, have we already reached this cycle's peak? from probably not. i think the spanish gdp numbers are quite interesting. there's some cpi numbers in spain that came through, which were quite a lot below expectations. on the standard measure, slightly lower. i think what's happening is spain has got their internal deflation working. average earnings have been falling, price inflation is falling, resail sales are also pretty weak. so it's being crushed. growth is now marginally positive led by exports. that's not enough to get growth going, enough to create -- >> why isn't anybody buying spanish debt, though? >> no, spanish debt is a roent vubl. it's giving a reasonable premium above funds.

>> kevin, stick around. let's bring you up to speed meanwhile with where we're trading on global equity markets. i'll make my way over there. barclay's very much in focus. they're now embroiled in another investigation due to currency trading. the xetra dax is up 0.3%. ftse 100 up 0.5%. cac 40 up 0.5%, as well. ftse mib up 0.7%. we saw money market rates up in china at four-month highs despite the fact the chinese central bank injected some -- into the market yesterday. some people saying that's why they got the spike. shanghai up 11.5%. the nikkei up 1.2%. the dollar/yen still around that

0.98 mark. hang seng is up 0.2%, as well. take a look at how we stand with record closers. dow is down 11 points right now. we're up, wa, another 53 points above fair value. and the s&p yesterday after being up 1.2% is today another, what, 5.5 points above fair value, as well. treasury yields just below the 275% level at the moment. italian yields still doing very well. 4.12%. and on the currency markets, euro/dollar, 1.3833. we're just below that at 1.3760. dollar/yen, 96.94 was the two-week low. 98.22. socgen is saying the aussie

could weaken some 25% by 2016. the pound declining by a third in a matter of a year or so after the financial crisis. also to come on today's show, as i mentioned, barclay's income from investment banking down 7% in the last quarter. the drop, though, hasn't hurt the share price this morning. we'll talk barclay's earnings. and up thorware claims one of its sales parties take place somewhere in the world every 2.4 seconds. there's another one. so it's a big story in indonesia, as well. and u.s. auto sales this year anticipated nearly 16 million vehicles is the best figure since from 2009. earnings roll out for vw, gm and fiat, we'll take a look at the sector. plus, obama care is lurched to the next crisis.

a report released in early september now appears to suggest at least one contractor knew a performance risk ahead of the website launch. we'll get a full update. "worldwide exchange" continues in just a few moments.

in corporate news, sales are not doing well for anyone tendo. they're expecting an operating loss of $237 million for the april to september period. but it was a narrower loss compared to the previous year. nintendo stuck to its console sales forecast of 9 million units for the year ending in march 2014. barclay's has reported an underlying pretax profit of 4 billion pounds to the three months end of september. it's marked a half billion pounds fall from last year's figures, but they did beat analyst forecasts. the stock up 3.4%. it's joined ubs and deutsche bank in a commitment to help regulators expose alleged rigging of currency markets. if you're a bank lender, you can't get away from investigation. >> yeah. i think you're right and i think after libor, we needed a lot of

other benchmark rates that were going to be investigated. and the disclosure we've seen today from barclay's is we knew they were helping regulators and they have their own internal inquiry. no new news about it's all about managing at barclay's. on the results, the numbers come down. when you look at the investment bank, that is down %. and the part of that investment bank that's hurting is up in like with the rest of the industry so rates, foreign exchange, and that's down year on year about 34%. so quite a big hit. but the bank is saying, look, we're doing well in equities and we've done well on the balance sheet reduction. he was saying not only are we on man, but we're on balance reduction we might overachieve and there will be more news about that.

>> okay. i think they could rig the currency markets because they're so huge. and the flows -- i don't know. i'm fascinated to see how those allegations spin out and what they think may have happened. helia, for now, thank you very much. now, we've had a seller report card from the agricultural bank of china. net profits up. net interest income was ul 8.7% for 45 billion. and a recap of the headlines, a steady course is expected from the fed as the fomc meeting finishes the day. profits fall, but beat expectations as barclay's promises cooperation on a problem into fx rigging. and the woman at the center of the obama care launch testifies before congress. and still to come, in just a few moments, we'll pop the lid on tupperware brand with the

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with premium care maintenance included. the ocean gets warmer. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. sales of the eye tan y'aita based eye wearmaker luxottica

beat expectations. claudia, the u.s. is a big market for this eye wearmaker. what, in fact, have they had through the government shutdown and the stronger euro? >> well, actually, these two are very big issues luxottica is facing. they are the largest premium eyewear producer and distributor. they had a strong quarter, but, of course, the u.s., 60% of their business comes from the united states. and the oakley brand actually they have a contract with the u.s. market and the budget being c cut, including shutdown, clearly has affected their numbers there because this budget was reduced. so that was one impact. the ceo says that was not really a big impact in terms of the economics of it all. really, the big impact was currency. that was the big issue. the dollar weakness, as well, aas the euro strength clearly

affected their numbers. in terms of revenue, if you keep currency fixed, they showed an increase revenue of 7 of.%. compared to last year, revenues came in equivalent to last year. on the bottom part of their statements, they were able to continue to do really strong work. this is a solid company. in terms of what was the effect in the u.s., their largest market and oakley in particular, this is what the ceo on had to say to him. >> was severely hit during this quarter, but i would say it's a marginal aspect of the overall american market. it's a market where consumer is ready for our product. i always say that if there is one emerging market for the

industry, premium stand, that's united states. >> and while on the one hand this currency is was a negative effect, the positive effect on these numbers was the fact that europe really did pick up. 15% higher in terms of sales. germany, france with a stronger part. spain increased surprisingly by 11% and italy also, 7.4% increase. so this european part of the geography doing well. and they do have more licenses that they are expecting to come in. they're working on some acquisitions. in terms of cash flow, they had very strong cash flow so they were able to cut their debt even more. andre was positive on what he expect for the full year and going forward. they are very well placed in terms of the fact that they are both on the emotional part of the consumer. they work on that so that the glasses have become even more of a fashion statement, but at the same time, they're also a medical purchase that one makes. so they're very confident that going forward their business will continue to grow and that

the u.s. continues to be a solid market. ross. >> thanks for that, claudia. clearly in britain we don't need sunglasses that much. but as men have a pair here, we only get one pair. do italian men have more than one pair of sunglasses? they have a whole range of them? >> oh, yes, they do. in fact, they also have a whole range of eyeglasses, as well. you sometimes decide them based on what you're wearing. i'm sure luxoccitica is happy that's whag goes on here. all over the world, it seems like eyeglasses are becoming more and more a fashion statement. >> good. i'll stop wearing the contacts in that case. claudia, thank you very much at the moment mip director at the moment is italian. he has five pairs of sunglasses. good for you. now, activist investor nelson peltz is turning up the heat, among the least pep reports he gave a presentation

on tuesday saying the food company could nearly double earnings by better managing its cost. peltz has shared a white paper with the board, but hasn't released it publicly yet. he is the company's biggest shareholder with a 2..3% sake. tupperware brand claims a worldwide workforce of around 2.8 million people host parties on average. it has come down. it's now 1.4 seconds. clearly more parties are going on. third quarter sales of the company came in with emerging markets accounting for more than two-thirds of the revenue. joining us is rick goings. rick, good to see you. that time it's taken me to do that introduction, what, another four parties have started? it's extraordinary.

>> well, we've got a sales force, ross, of 2.8 million. and the interesting thing is most of the world's population is, as you know, i'm here in singapo singapore, most of them are over here and they're looking for an earning opportunity. >> emerging markets account for 69% of your sales and established markets, you know, down 8% if local currencies. why is this becoming so successful in emerging markets? what are you tapping into? >> well, we still do decent business in established markets of the world. our biggest market in europe is germany and france and we're the biggest seller of cookbooks there. the simple fact of the matter is it's where the people are. europe has 5% of the population. u.s., ditto, about 5%. over here, two big currents.

number one, there are limited earning opportunities for women and, secondly, not a very well developed retail infrastructure. so very much of a sweet spot. and what really drives that is the emerging middle class. what drives that is women. >> why has this developed in indonesia? i get the idea of that microfinance, microbusiness and women actually drive that quite a lot. is that the same story? >> you're spot on. what's happening in indonesia, the largest muslim population in the world, fifth largest population in the world. but she's looking for an earning opportunity and she's looking for empowerment. as a matter of fact, ross, i was over here really to unveil a study that the global fairness

initiative did looking at women in indonesia who got involved in tupperware and it proved very strongly, number one, it changes her self-image. number two, you know, she has confidence now. two, she moves from lower class to middle class. third, she really starts to have better relationships with members of her family, her kids look up to her and better relationships with her husband. so it really showed. it's not just good for her to do, but it can change your life. thank you very much for joining us. we'll take a short break. still to come wblg will the fed rock the boat at this policy meeting or maintain its dovish rhetoric? what is going to happen? and how much is consumer being

suede by the government shutdown, as well? we'll get into all of that. as we do so, this is where the u.s. futures are trading right now. we're called higher again.

global markets are creeping higher today. amid questions about the health of the u.s. economy. barclay's confirms it's in sorts of regulations in a sectorwide fx trading probe. and record sales of porsches and audis drive operating profits higher in the third quarter, boosting shares of the auto giant. police, the women at the center of president obama's troubled health care program, kathleen sebelius is expected to come under fire as she testifies before congress later today. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe.

a very good morning to you. if you've just joined us stateside, welcome to the start of your global trading day. we had the dow up 111 points yesterday. at the moment, futures suggesting it will go higher today. currently trading some 55 points above fair value. the nasdaq is 15 points above fair value and the s&p 500 had another record close yesterday is currently trading some 6.5 points above fair value. european equities are concerned, the ftse is 0.6% higher. xetra dax is up 0.4%. ibex is up 1% and has now exited recession. not by much, but we had some growth in the third quarter. and the cac 40 in paris is concernedly up 0.6%. all focusing on global investments today is on the fed as it wraps up its two-day meeting. the decision should come at 2:00

p.m. eastern. announcing last month that it wouldn't start tapering purchases just yet. this move comes amid questions about the economy and concerns about the budget sight in washington. senator paul sent a letter to majority leader harry reid officially announcing his intent to hold up janet yellen's nomination to be fed chairman. joining us for more is julia coronado, chief economist of pnb paribas in the states. here in the studio, kevin adams at hinderson global investors. julia, good to see you today. look, what is your view of the health of the u.s. economy at the moment? retail sales figures on tuesday said -- suggested consumption growth gaining momentum at the end of the final quarter. but a confidence measure down at a six-month low. >> well, i think broadly speaking, the data has confirmed

the fed's caution. most measures, including very importantly the hiring measures, have disappointed and slowed in the last few months. consumer spending, actually, what we saw was a tradeoff. less auto purchases, more other things. on balance, consumer spending is tracking pretty much around 1.5% in the second half of the year. all of that is not disastrous, but it is certainly not the pick up that the fed had looked for in the second half of the year, hence their caution and their patience and, yes, aus mentioned, i expect today very, very little news out of the fed. >> gasolines prices are now falling. mortgage rates are now falling. equity markets are rallying. so is confidence going to return? is that going to feedback in at some point for higher activity? >> we hope so. i mean, one of the big disappointments in the last couple of months is how quickly housing demand dried up when mortgage rates went up.

certainly, we had hoped to see more sort of self-sustaining organic underlying demand for housing coming back. that didn't end up being the case. we've seen pretty bleak news on the housing front. so hopefully the mortgage decline that we've seen in the last month or so will renew some of that demand. of course, we're going into the winter and we don't usually sell a lot of homes in the winter, but nonetheless, we're looking for stabilization there. that would be a welcomed development. >> and, look, is this rand paul suggested he's going to hold up janet yellen's nomination for a bid, is that concerning to you or not? >> not at all. he's not on the senate banking committee. let's remember the process here. her hearing is reportedly been scheduled for november 14th. that's the hearing before the senate banking committee. then they will vote on her nomination, which is expected to go through. and then the vote goes to the broader senate. all she needs is a simple

majority there. rand paul can hold it up temporarily. look, they did the vote counting before they put her name forward. i think this is -- we would expect rand paul to do this. aye he's going to do this. it will cause a hiccup of a day or so and then we'll move on and confirm miss yellen as chair. >> kevin, you agree with that. i'm just wondering, what was the -- when yellen gets a nomination, what was the price that was put in on treasury prices? >> not a lot because i think it will be so well flagged. and eventually, we got to the situation where yellen became the default candidate. i think the political posturing we'll go through in the next km of days is just that, political posturing. >> okay. still to come on the show, will

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into now, if you can make it there, you can make it anywhere. twitter is bringing its ipo to new york today. >> twitter holds its first lunch with investors near central park at 12:30 eastern ahead of its expected ipo pricing next week. my sources say institutional investors are optimistic about the ipo and see few signs of the irrational exuberance that exceeded facebook's aufrlgs next year. several fund managers say that range is conservative. we'll see if twitter raises its initial range to compensate for the demand its seeing for its ipo. goldman sachs is twitter's lead underwriter. speaking on cnbc's closing bell,

lloyd blankfein says now is the perfect time for companies to go public. >> the ipo market is alive and well. look at it. we have high equity prices at the moment now. we have an economy that's growing. people would like it to be growing at a faster rate, but there's no doubt it's growing. and the idea flow is terrific. i think this has been a great time for companies to come to markets. >> the "new york times" reports twitter has altered its feed to include photo and video previews. when users log on previously users had to clink on links to access content. the move could help twitter sell more ads with visual content. ross. >> the holding at the mandarin or ennal. i know in london they have an amazing spa, the mandarin or

endal. >> a big back drop for some talk between twitter executives and investors coming from around all the world. >> good stuff. thank you very much. let's turn our attention toes autos. volkswagen is trading higher. it sees operating profit up to 2.78 billioner rows. record sales of the german carmaker's audi and porsche brands helping to overall as the company reiterate dollars its 2013 outlook. what does that mean for gm? their revenues today is expected to be up 5% on the first quarter on improving profit margins. earnings per share, on the other hand, they may come in flat converting common stock to a 2009 bankruptcy. the carmaker's numbers expected to many coout before the u.s. opening bell. joining us with her preview,

michelle krebb of edmunds.com. michelle, thank you very much for joining us. u.s. automakers bring quite a trough. have we had the best of it, do you think? >> well, you know, last week we saw fabulous results from ford. and it wasn't just in the u.s. they're doing better overseas. clearly, north america is where the money is being made right now by all automakers. and we expect that will be true of general motors. >> is that going to continue? because we did just see in, you know, the retail sales a bit of a dip in auto sales. >> with the, september was an odd month for a lot of reasons. we anticipate sales coming in at 5 million in the u.s. we're expecting 16.4 million. next year we're very optimistic. maybe more so than others. i think the big worry here is

the mess in washington and we just kicked that can down the road and what will that do? because we saw that hurt sales a little bit in october. >> as far as gm is concerned, it's doing well in europe. are investors giving them time to sort out europe and opal? >> well, they've been working on that for quite a while. and i think what we'll be watching for is in the earnings reports today is did they narrow the losses? the goal is to be profitable in europe again by mid decade. the important thing will be to see some progress. at ford, we saw tremendous progress this quarter. so i would be hoping for the same from general motors. >> and what do you make of the -- at the moment between general motors? general motors stock up 17% in fact last six months. . >> and ford has been up, too. but both automakers have been going up.

and if we continue to see, you know, across the board improvements, i see no reason why that shouldn't continue, depending on what the overall market does. >> and chrysler tomorrow, they've -- their jeep cherokee. how big an issue is that? >> well, we will see chrysler earnings come out later this morning. it could be a weak quarter for them. chrysler has not -- its sales hasn't -- in the u.s. and it's heavily dependant on the u.s. and america in general because it doesn't have huge overseas operations. their sales have not is been up at the same levels of the industry. some of that is on purpose. they've been cutting back weak sales which aren't as profitable and they've had a lot of problems launching new products. right now, they've had problems launching this new jeep cherokee, which is a really important vehicle to them. they just started shipping it last week.

way delayed. so we may see that. there's also the ipo that's in the works and negotiating with the union run trust to buy that stock. that's a bit of a distraction right now. it could be a weak quarter. >> michelle, thanks very much indeed for joining us, michelle krebs of edmunds.com. a recap of the headlines, if you've just joined us, a steady course expected from the fed pass fomc meeting enters day two. profits fall, but beat expectations and barclay's promises cooperation into a probe. and the woman at the center of the obama care launch testifies before congress today. we'll have more on the kathleen sebelius testimony right after this. the government official is expected to face some pretty tough questions. we'll be in washington, next. mine was earned orbiting the moon in 1971. afghanistan in 2009.

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following the climb higher in u.s. markets yesterday, dwou dow down triple digit gains. currently, the ftse is up 0.6%. the xetra dax is up 0.4%. spain is finally out of recession after more than two years today with a 0.1% decrease in gdp in the third quarter versus the last quarter, as well. as far as u.s. futures are concerned, the dow up 111 points yesterday. right now, we're indicated up 55 points above fair value. the s&p 500 at the moment is maybe 6 points above fair value. as far as the agenda in the states is concerned today, we've got the october adp employment report out at 8:15 eastern. it's forecast to share an

increase in the sector jobs versus 166,000 last month. september cpi is out at 8:30 with prices expected to rise 0.2%. and comcast, the parent of cnbc reports earnings before the open. we'll hear from gm, chrysler and others including corning, philips 66 and sodastream. after the close, we'll get results from facebook, visa, kraft foods, metlife and starbucks. julia and kevin are still with us, as well. julia, just looking at adp, we've got another jobs report coming out next week. how much focus will that get? and i'm actually wondering if we don't see, you know, stronger jobs growth, is it possible that tapering gets delayed longer than march? >> well, that's possible. right now, i think the october

report is going to be a focus because that's when the government shutdown happened. how many jobs will be delayed at a minimum or eliminated because of that disruption. this is going to be our first read of that. of course, there's a lot of worries around the october data, that it's contaminated, that it wasn't collected in the normal fashion so it's going to have a bigger statistical error around it. we have less confidence interpreting that dey data. at a minimum, we'll see a few months of data to get a sense of where the economy is and how will it's going to weather the shutdown. and it needs to be decisive for having the confidence to go in march.

is there any indication that the launch of the care act as dent the hiring intention from smaller businesses while they wait to see what the impact is? >> that's been an issue in the last few months, irrespective. they have to evaluate their plans, see whether they comply with the new regulations. smaller companies are more impacted and have to focus on that and how to xwlet that and not on their core businesses. politics aside, this is when you reregulate health care, that is a big deal for companies and can be a distraction and can cause disruption.

so i think that is an issue. we need to get through this period of implementation to really see what the landscape looks like. >> bearing in mind what we have to go through with uncertainty, as an investor in u.s. treasuries at the moment, wa does that all mean? >> it makes you relatively unique. in the collection of it, in the labor markets, the uncertainty, the budget deficit negotiations. consumers are let likely to spend. i think the general idea is to be cautious. but right here, right now, you don't want to take any big decisions. >> positions in equities or could it grind higher?

that means there's going to be a delay in tapering which also sooedz seems to be good for equity peps. >> good to see you this morning. kathleen sebelius goes on the hot seat today. the u.s. health and human services sector testifies. bertha is in washington for us. bertha, there's a very good article on cnbc.com. six questions for kathleen sebelius. the first one, what did you know. >> what did you know, who told you? the second one, did you ever consider not launching? do you think we'll get some answers to those? >> we'll get answers, not likely the ones that the folks asking those questions will want to hear. you know, the rollout of the affordable care act, known as obama care, has certainly handed critics a lot of fodder. not just the glitches with the

website. there are a number of committees on the house side which, of course, is republican led that are investigating the glitchy website. and just yesterday, the isis committee, budget and oversight, relea released contractor statements saying we raised issues that is not going to work well. people in the markets are seeing their plans canceled because they don't care all the benefits offered under the law. they're being offered new plans which oftentimes for those who don't have subsidies are proving to be more expensive. that is proving to be a big rallying cry on capitol hill. so kathleen sebelius will likely get a double barrel bit of controversy today. >> we'll see what happens. you look good with congress behind you. you do a better job than most -- >> yeah, thanks.

i like my job very much better. >> i don't blame you. good to see you. now, the opening bell for the nasdaq today will be rung from dublin. why is that? well, it's the reason we sent karen cho there who is in the irish city. why is the nasdaq opening their bell today? >> about 10,000 people attending this web summit are finding a story in ireland that's not about austerity and one that's about growth. it's been, of course, international furor going off the technology business to become the next silicone valley in an unfair way, using a rather attractive tax structure. but in some ways, this is a big public relations exercise over the next couple of days to prove there is more to technology here than just the tax system. so you can see behind me, a whole bunch of stores where many of these engineers are showing their wears or if they're pitching on stage trying to secure a venture capital money.

they're all here trying to prove that technology in ireland is one that the prime minister has been focusing on. i'm going to be catching up the prime minister prime minister later on as we see that bell rung for the nasdaq. between the technology sectors in the states and here in europe, this is a company serving a growth story. let's hope it is one for ireland, ross. >> good stuff. thanks for that, ross. don't forget, come up tomorrow, karen will have interviews with the current rising stars ryan homes and hoot suite. that's tomorrow. right now, you need to keep et here on cnbc. coming up with the countdown to

the opening markets stateside, whatever happens, though, we hope you have a profitable day. bye for now.

good morning. kathleen sa beebul will face questions on capitol hill. meantime, the president will defend his speech in boston. in market news, the fed is wrapping up a two-day fed meeting with a policy announcement. .then, jobs in america, the government's october employment report may be delayed a week due to the shutdown of the government, but adp's private survey will be released this morning. it's wednesday, october 30th, 2013. "squawk box" begins right now.

good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. and on today's agenda, health and human services secretary kathleen sebelius will testify before the house energy and commerce committee. that's coming at 9:00 eastern time. she's expected to be grilled about the problems with health care.gov and all the cancellation notices that have been going out to individuals who were previously told that they could keep their plan. you can watch complete coverage of her testimony on "squawk on the street". then this afternoon, president obama will defend his health care law. verizon said it was doing maintenance on the system. there was a similar halt on sunday. l